LPL Financial Adds CUNA Brokerage Services, Inc. to its Platform


LPL Financial (LPLA) has been selected by CUNA Brokerage Services, Inc. (CBSI), the wealth management business of CUNA Mutual Group with approximately $36B in brokerage and advisory assets, to support its retail brokerage and advisory business.

Shares of the largest independent broker-dealer in the U.S. have gained 70.5% over the past year.

The deal makes CUNA Brokerage Services one of the largest clients to join the LPL Financial platform.

CUNA Mutual Group provides financial services to credit unions and retail investors. CBSI currently services around 550 advisors across almost 300 credit unions. The business is forecast to transition to the LPL platform in early 2022. (See LPLA stock analysis on TipRanks)

Rich Steinmeier, MD of Business Development at LPL Financial, commented “CUNA Mutual Group is a leader in its market, and it’s an honor to have the opportunity to support their business. We look forward to supporting them in growing their capacity to serve a marketplace with an increasing demand for personalized advice.”

Citigroup analyst William Katz recently decreased the price target from $265 to $239 (73.1% upside potential) and reiterated a Buy rating on the stock.

Katz lowered the price target after the company announced that a $2.25B third party cash sweep mandate will expire in late September rather than its previously expected expiry date in 2024.

Overall, the stock has a Strong Buy consensus rating based on 7 Buys and 1 Hold. The LPLA average analyst price target of $176.25 implies 27.6% upside potential from current levels.

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